Trump Media Group (TMTG) Q1 financial report is out, with a net loss of $405.9 million, of which $368.7 million comes from unrealized losses on digital assets.

Translate: Their crypto treasury cost basis is $1.24 billion, now valued at $820 million, with an unrealized loss of over $400 million.

Even more interesting are the details — 9,542 BTC, purchased at an average price of $118,500. Q1$BTC fell 22%, and this cost basis means they were basically adding to their position near all-time highs.
When the "$BTC treasury strategy" shifts from MicroStrategy’s faith narrative to massive impairments in the financial reports of a publicly listed company, how much tolerance remains in the market for this approach? After all, not every company has Saylor’s patience and financing capacity.